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Railway conglomerate (Meitetsu) operating trains, buses and real estate around Nagoya, central Japan.
Railway conglomerate (Meitetsu) operating trains, buses and real estate around Nagoya, central Japan.
Fares on a government-regulated rail network form the base, with property developed around its stations, department stores, hotels and bus services adding to it. Its trains also link central Nagoya to the Chubu Centrair airport, and the region's carmaking economy underpins commuter and business travel.
In one line: A Japanese diversified rail conglomerate serving the Nagoya region.
Moat: narrow (regulatory licence, installed base). Regulated rail monopoly along its routes plus real estate holdings near stations.
Headquarters: Nagoya, Japan · Founded: 1894 · Employees: 30,637
Size Nagoya Railroad (9048.T) is a Japan Industrials company (Other Transportation) with a market value of $2.38B, the 428th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,904 on 6 Nov 2026.
Performance Over six months the shares gained 7.6%, against -7.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 1.9% over the last twelve months (peer median +4.5%); the operating margin is 5.3% (peer median 14.4%).
Valuation It trades at 11.0× forward earnings against a peer median of 15.0× (6th cheapest of 18).
Capital Return on invested capital runs 3.0 points below its cost of capital (5.0% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥680B | ¥692B | ¥691B | ¥601B | ¥552B |
| Revenue growth | — | 0% | +15% | +9% | — |
| Gross profit | ¥96.1B | ¥94.3B | ¥101B | ¥85.7B | ¥70.2B |
| EBITDA | ¥83.1B | ¥83.0B | ¥84.2B | ¥74.0B | ¥61.4B |
| Net income | ¥28.8B | ¥23.0B | ¥37.7B | ¥24.4B | ¥18.9B |
| Free cash flow | n/a | -¥111B | -¥54.6B | -¥30.5B | -¥17.5B |
| Capital expenditure | n/a | ¥172B | ¥133B | ¥86.0B | ¥78.7B |
| Total debt | ¥707B | ¥686B | ¥586B | ¥500B | ¥476B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nagoya Railroad 9048.T | $2.38B | +8% | -2% | 5% | 11.0× | n/a |
| Kintetsu 9041.T | $4.23B | +5% | +2% | 5% | 13.5× | n/a |
| Central Japan Railway 9022.T | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% |
| Hankyu Hanshin 9042.T | $7.03B | +3% | +6% | 10% | 13.2× | n/a |
| Tokyu 9005.T | $6.14B | -3% | +5% | 9% | 10.0× | n/a |
| Odakyu Electric Railway 9007.T | $3.80B | +11% | +3% | 13% | 15.1× | n/a |
| NANKAI 9044.T | $2.03B | 0% | +7% | 15% | 13.1× | n/a |
| Keihan 9045.T | $2.15B | +3% | +10% | 15% | 11.5× | n/a |
| Tobu Railway 9001.T | $3.58B | +3% | +5% | 11% | 10.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9048.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | -0.9% | 4th highest of 21 |
| 6-month return | +7.6% | -7.5% | 4th highest of 21 |
| Distance from 52-week high | -5.3% | -17.8% | 3rd highest of 21 |
| Revenue growth (TTM) | -1.9% | +4.5% | 4th lowest of 21 |
| Operating margin | 5.3% | 14.4% | 4th lowest of 21 |
| Forward P/E | 11.0× | 15.0× | 6th cheapest of 18 |
| ROIC minus cost of capital | -3.0 pp | +0.9 pp | 2nd lowest of 21 |
| EV / EBITDA | 12.9× | 9.9× | 5th most expensive of 11 |
| Net debt / EBITDA | 8.0× | 1.6× | 2nd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nagoya Railroad 9048.T | Japan | $2.38B | +8% | -2% | 5% | 11.0× | n/a | n/a |
| SIA Engineering S59.SI | Singapore | $2.51B | -10% | -3% | 3% | 17.7× | 19.3% | +26.3% |
| Comfortdelgro C52.SI | Singapore | $2.19B | -10% | +9% | 9% | 15.0× | -8.2% | +9.3% |
| Xiamen Xiangyu 600057.SS | China | $2.59B | -14% | +9% | 1% | 8.7× | n/a | n/a |
| Qinhuangdao Port 601326.SS | China | $2.70B | -5% | +2% | 23% | 10.3× | -10.9% | +2.7% |
| Kamigumi 9364.T | Japan | $2.71B | -12% | +5% | 12% | 15.5× | -3.2% | +1.9% |
| Shenzhen Airport 000089.SZ | China | $2.08B | -5% | +5% | 17% | 14.2× | -6.4% | +11.4% |
| Sankyu 9065.T | Japan | $2.76B | -9% | 0% | 7% | 12.2× | -1.1% | +3.4% |
| NANKAI 9044.T | Japan | $2.03B | 0% | +7% | 15% | 13.1× | n/a | n/a |
| Sichuan Expressway 0107.HK | Hong Kong | $2.84B | -11% | +8% | 26% | 8.0× | n/a | n/a |
| Xiamen Port Development 000905.SZ | China | $2.87B | -25% | +14% | 4% | n/a | 4.2% | +7.1% |
| Hutchison Port Holdings Trust NS8U.SI | Singapore | $1.96B | +7% | +5% | 42% | 15.3× | -10.5% | +1.7% |
| Shenzhen Expressway 0548.HK | Hong Kong | $2.91B | -12% | 0% | 17% | 9.3× | 0.0% | +2.2% |
| Westshore Terminals Investment WTE.TO | Canada | $1.90B | +16% | -16% | 33% | 26.3× | 11.9% | -2.6% |
| Tianjin Port 600717.SS | China | $1.89B | -2% | -8% | 18% | n/a | -14.6% | -1.6% |
| Hainan Strait Shipping 002320.SZ | China | $1.88B | -34% | +4% | 23% | 70.1× | -0.5% | +36.7% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Hamburger Hafen und Logistik HHFA.DE | Germany | $1.72B | -2% | +3% | 7% | n/a | n/a | n/a |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |